Abstract
The integration of an economy to the global market, even when it leads to a higher standard of living, usually results in economic uncertainties and insecurity, as well as eroding social values and traditions of the society. Some people may gain, while some others may lose out from it, which may cause distributive conflicts to emerge. The economic uncertainties and insecurity, as well as the distributive conflicts that arise from globalisation, could disrupt the economy from securing the benefits of globalisation, and consequently could pose an impediment to economic growth. Hence, some scholars has argued that globalisation also increases the demand for greater role of government to stabilise the economy in terms of providing adequate social protection, if the benefits from globalisation are to be realised. This paper attempts to examine the impact of globalisation on the welfare of the Malaysian society, particularly on unemployment and poverty, and discusses the issues and challenges with regards to the provision of social protection in Malaysia. The paper argues that Malaysia needs a new perspective on social protection, as the existing institutions are deemed inadequate in providing protection to the society in the globalised economy.
Highlights
It is often argued that globalisation1 leads to higher overall living standards of a nation and that global economic integration represents a vehicle for achieving significant economic growth and development
Even though the integration of an economy to the global market could result in higher living standards, it simultaneously exposes the economy to the external risks
Globalisation raises social tensions and conflicts within the society as the integration of an economy to the global market usually results in some people gaining while others losing out. This distributive conflicts as well as the economic instability arising from globalisation could disrupt the economy from securing the benefits of globalisation, and it could pose as an impediment to economic growth and development
Summary
It is often argued that globalisation leads to higher overall living standards of a nation and that global economic integration represents a vehicle for achieving significant economic growth and development. Globalisation raises social tensions and conflicts within the society as the integration of an economy to the global market usually results in some people gaining while others losing out. This distributive conflicts as well as the economic instability arising from globalisation could disrupt the economy from securing the benefits of globalisation, and it could pose as an impediment to economic growth and development. IV examines the impact of globalisation on unemployment and poverty, while Section V discusses issues and challenges arising from globalisation and the need for a new thinking on social protection in Malaysia.
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